Best Offshore Banking Countries
Summary
TLDRIn this video, the host, Michael, discusses the ultimate offshore banking portfolio amidst recent turmoil in the banking sector, including issues with Credit Suisse, Silicon Valley Bank, and others. He emphasizes the importance of diversifying assets across safe jurisdictions to achieve non-correlated risks. Michael recommends six top-rated jurisdictions for banking: Singapore, Switzerland, the US, South Korea, UAE, and Jersey. He details the benefits of each, such as Singapore's strong banking institutions, Switzerland's robust financial center reputation, and the US's accessibility and flexibility. He also touches on the need for different minimum deposit amounts and the strategy of diversification across these jurisdictions based on the size of one's wealth. The video is aimed at individuals looking to optimize their global tax, international banking, and considering relocation or second passports.
Takeaways
- 🏦 **Diversification Importance**: Diversifying assets across different banking jurisdictions is crucial for safety and non-correlated risks.
- 🌍 **Global Jurisdictions**: The recommended jurisdictions for offshore banking include Singapore, Switzerland, the US, South Korea, UAE, and Jersey.
- 🇸🇬 **Singapore's Favor**: Singapore is highlighted for its strong banking sector, with local banks like DBS, OCBC, and UOB being top choices.
- 🇨🇭 **Swiss Banking**: Switzerland is noted for its high-quality, well-managed banks and the support from the Swiss Central Bank, which is a significant advantage.
- 💵 **USD Resilience**: Despite some views on the decline of the US dollar, it remains a strong currency without a viable alternative in the near term.
- 🇺🇸 **US Banking Accessibility**: US banks are relatively easy to access, with options ranging from small minimum deposits to more sophisticated banking services.
- 🇰🇷 **South Korea's Underrated Banks**: South Korean banks are often overlooked but are among the safest in the world, offering offshore banking with smaller deposits.
- 🇦🇪 **UAE's Banking Benefits**: The UAE requires a residency permit for banking, but offers high-quality banking services and is a gateway to the Middle East's financial markets.
- 🇯🇪 **Jersey's Offshore Appeal**: Jersey, as a Channel Island, provides good exposure to the UK market and is known for its quality banking institutions.
- 📈 **Investment Options**: Banks prefer clients to invest their funds rather than hold them in cash, offering a range of investment products to generate fees.
- 🔢 **Minimum Deposits**: Different banks have varying minimum deposit requirements, which can be met through investments rather than just cash deposits.
Q & A
What is the main topic of discussion in the video?
-The main topic of discussion is the ultimate offshore banking portfolio and diversifying assets across safe jurisdictions to achieve non-correlated risks.
Why is there a focus on diversifying banking assets across different jurisdictions?
-Diversifying banking assets across different jurisdictions is important to mitigate risks associated with geopolitical turmoil, banking failures, and government interventions that can affect individual countries.
What are some of the banking jurisdictions that are generally not recommended?
-The video suggests that places like Belize, Cayman Islands, and broadly anywhere in the Caribbean, as well as South Pacific locations, are generally low-quality banking jurisdictions and are not recommended.
Which countries are mentioned as part of the ultimate offshore banking portfolio?
-The countries mentioned as part of the ultimate offshore banking portfolio are Singapore, Switzerland, the United States, South Korea, UAE, and Jersey.
Why is having a second residency in a more friendly country beneficial?
-Having a second residency in a more friendly country can make it easier to open bank accounts and access financial services, as some banks may be more willing to deal with residents of certain countries.
What is the general minimum deposit requirement for opening an account in Singaporean banks?
-The general minimum deposit requirement for opening an account in Singaporean banks is around 200,000 USD, although this can vary.
Why is it suggested to have at least two banking jurisdictions if you have a six-figure net worth?
-Having at least two banking jurisdictions provides a level of diversification and a backup in case there are issues with one's primary bank or jurisdiction.
What is the significance of the central bank's ability to provide liquidity support to local banks?
-The central bank's ability to provide liquidity support is significant as it acts as a defense mechanism for the banking system, ensuring stability and preventing failures, especially during times of crisis.
Why might someone choose to invest their bank deposits rather than hold them in cash?
-Investing bank deposits in stocks, bonds, or precious metals can provide growth and income, and banks often encourage this as they make fees from investment services rather than from holding cash deposits.
What are some of the geopolitical considerations when choosing an offshore banking jurisdiction?
-Geopolitical considerations include the stability of the country, its economic influences, the mindset of the financial sector, and the potential for the country to be involved in geopolitical turmoil that could affect banking operations.
Why is the US Dollar still considered a safe currency despite some predictions of its decline?
-The US Dollar is still considered safe because it currently has no viable alternative in terms of market cap and liquidity. It is also backed by a strong economy and continues to be a global reserve currency.
Outlines
😀 Introduction to Offshore Banking Portfolio
The video begins with Michael discussing recent turmoil in the banking world, including issues with Credit Suisse, Silicon Valley Bank, Silvergate Bank, and Signature Bank. He introduces the concept of an 'ultimate offshore banking portfolio' for diversifying assets across safe jurisdictions with non-correlated risks. Michael also mentions that he will cover the best and worst places for banking, and how geopolitical factors might affect banking strategies for individuals from different countries. He invites viewers to subscribe and offers his services as an international tax optimization and relocation specialist.
🏦 Top Banking Jurisdictions for Safety and Quality
Michael expresses his enthusiasm for Singaporean banks, highlighting their high safety rankings and quality management. He notes the challenges of opening accounts for EU and US citizens but suggests obtaining a second residency in a more bank-friendly country as a workaround. Switzerland is also praised for its strong banking system and the support from the Swiss Central Bank. Michael emphasizes the importance of diversification across different banking jurisdictions to mitigate risks and discusses the varying minimum deposit requirements for different banks.
💵 The Resilience of the US Dollar and Banking Options
Despite speculation about the decline of the US dollar, Michael argues that there is no viable alternative currently, making the dollar a persistent global currency. He recommends the US as a strong banking jurisdiction due to its resilience and the ease of opening accounts with relatively low minimum deposits. Michael also touches on the benefits of diversifying banking across Asia, Europe, and North America to ensure stability and non-correlated risk exposure.
🌐 Diversifying Further with South Korea and the UAE
South Korea is presented as an unexpected but strong banking jurisdiction with high safety rankings for its banks. Michael suggests that opening an account in South Korea may require traveling there in person. The United Arab Emirates (UAE) is also recommended, noting that obtaining a residency permit can facilitate banking with relatively small deposits. Michael advises viewers to consider local banks in the UAE for a more diversified risk profile.
🏛️ Considering Other Jurisdictions and Final Recommendations
Michael discusses additional banking jurisdictions, including Jersey, a Channel Island with strong ties to the UK, and its appeal for those wanting access to London's financial markets. He briefly mentions other potential jurisdictions like Liechtenstein, Luxembourg, and Andorra, noting the varying levels of difficulty to establish banking in these places. Michael provides minimum deposit figures for some of these jurisdictions and reiterates the importance of diversification across multiple banking jurisdictions as wealth grows.
❓ Closing Remarks and Invitation for Feedback
In the concluding paragraph, Michael invites viewers to ask questions or seek help in the comments section and expresses a willingness to address any omissions in his discussion. He looks forward to engaging with the audience in future videos.
Mindmap
Keywords
💡Offshore Banking
💡Asset Diversification
💡Non-Correlated Risks
💡Safe Jurisdictions
💡Banking Ecosystem
💡Minimum Deposits
💡Second Residency
💡Geopolitical Turmoil
💡U.S. Dollar Stability
💡Anti-Money Laundering (AML) Rules
💡Channel Islands
Highlights
Discussion of the recent turmoil in the banking world, including issues with Credit Suisse, Silicon Valley Bank, and others.
Introduction to the concept of an ultimate Offshore Banking portfolio for diversification across safe jurisdictions.
Emphasis on the importance of diversifying assets to mitigate non-correlated risks.
Mention of challenges for Russian individuals or those from countries like North Korea and Iran in international banking strategies.
Highlight of the increased global uncertainty around banking, possibly the highest since the 2008 financial crisis.
Explanation of why having multiple banking jurisdictions is beneficial, using examples like Cyprus and Greece.
Warning against using low-quality banking jurisdictions like Belize, Cayman Islands, and the Caribbean.
Recommendation to maintain a small depositor status in banks to avoid significant risks.
Advocacy for Singapore as a top banking jurisdiction with high-quality institutions like DBS, OCBC, and UOB.
Discussion on the challenges American clients face when trying to open accounts in Swiss banks.
Suggestion to obtain a second residency in a more bank-friendly country as a strategy for Americans.
Recommendation to have at least two banking jurisdictions for those with six-figure wealth, increasing with wealth.
Note on the flexibility of investing the required minimum deposits in various assets rather than holding cash.
Inclusion of the U.S. as a recommended banking jurisdiction despite some people's skepticism about the USD.
Advantages of U.S. banking in terms of accessibility and less stringent anti-money laundering rules compared to other countries.
Introduction of South Korea as an unexpected but safe banking jurisdiction with several top-rated banks.
Recommendation to consider the UAE for banking, especially with a residency permit, for diversification.
Mention of Jersey as a Channel Island with good exposure to the UK financial markets as a potential banking option.
Caution against banking in African countries and the preference for more stable jurisdictions.
Advice on how to grow your wealth by diversifying across an increasing number of suggested banking jurisdictions.
Transcripts
welcome back everyone Michael here with
offshore citizen we have been having all
sorts of turmoil in the banking world
lately talk this week about Credit
Suisse although to be fair that has been
going on for a little while uh Silicon
Valley Bank silvergate bank and
Signature Bank in the U.S all going down
and now talk to a few other Banks and so
this is the kind of the perfect time for
me to discuss with you what we're going
to describe is the ultimate Offshore
Banking portfolio so if you want to
diversify your assets across all sorts
of parts of the world in safe
jurisdictions that are going to give you
non-correlated risks this is the video
for you I'm going to go through all the
details of places I think are good that
are bad we'll cover you know if you're
Russian or something how that might
change your strategy if you're you know
from some weird country barring you know
North Korea Iran you know a few of those
maybe a little bit different but for
most countries this will be the case and
so let's dive in and talk a little bit
about it before we do if you haven't
already please hit the Subscribe button
welcome thank you for being here if it's
your first time we are international tax
optimization and relocation specialist
we help people form companies around the
world optimize their Global Tax do
International banking relocate to other
countries get residencies buy second
passports Etc if you're helped
interested in help with any of those
things please reach out to us you can
book a call with me calendar.com forward
slash Michael Dash rosmer there's a link
in the description below
or we can send a message through
offshorescitizen.net okay
so let's get started now the first thing
that I want to just talk about here is
in the world today we have maybe more
uncertainty around banking than we have
I mean at least going back to you know
2008 financial collapse in the Euro
crisis in that period but arguably maybe
before that to I don't know the Savings
and Loans crisis in the 80s something
like that it's been quite a while since
we've had this level of uncertainty
globally around Banking and therefore
we're going to talk a little bit in some
other videos about the safety Banks I've
done some of this previously so you can
go back and check out some of our videos
where I discuss emis where I discuss how
Banks fail and therefore what to look
for
ETC we're not going to cover all of that
in this video because it's too much I'll
do another one kind of on things in the
modern day and how you should think
about it because people have been asking
about that today we're just going to
cover the banking jurisdictions that are
going to be best for you so here's what
I would start by saying first of all
somebody might ask well why do I need
banking jurisdictions why don't I just
have one Etc and the reality is just
risks that are concentrated in given
countries so we saw this with Cyprus
with Greece as an example during the
Euro crisis we saw it with Canada last
year with the trucker protest and the
government supposedly a formerly free
Democratic country freezing people's
bank accounts for giving donations to a
legal organization kind of crazy
and I think this spooked a lot of people
people rightly are saying this is
ridiculous what is going on here I want
my money to be safe and so I better look
at some other Alternatives so
who knows what is going to happen in the
future and therefore we want to be
Diversified and we want to be
Diversified across quality places I've
talked a lot in previous videos about
how you know a lot of the places that
have kind of traditionally been thrown
around as banking jurisdictions places
like Belize Cayman Islands
I'd say broadly anywhere in the
Caribbean let alone you know places like
South Pacific Etc are generally low
quality banking jurisdictions generally
speaking I do not recommend those
there's a place for them if you can't
get banking elsewhere and in particular
if you're a very small depositor but to
give just kind of a quick little
anecdote I was giving some stuff back
this was maybe 10 years ago not quite 10
years ago maybe eight years ago and we
were trying to move about two and a half
million dollars out of a bank in St
Vincent and it took like four months to
have that happen and as we kind of dove
into it and we're looking at what was
going on we were a significant depositor
there was like 400 million dollars of
assets in the bank you don't really want
to be a significant depositor in most
banks you want to be in a situation
where the amount of money that you're
putting in is insignificant for the bank
and therefore you pulling it out is not
gonna you know cause them to be up at
Arms or anything like that there are
some sort of medium level jurisdictions
places like Georgia that you know they
can be reasonably good banking
jurisdictions but they're not what I'm
going to mention in this ultimate
banking portfolio so without further Ado
let's just dive into the ultimate
banking portfolio and I'll kind of
discuss with you as we go what they are
there are six jurisdictions in
particular that I recommend and these
are all top rated in terms of their
safety for one reason or another and
they generally have somewhat different
risk profiles because of how they're
managed because of Who's involved with
them
Etc and so the first place that we will
start with is Singapore I don't think
this comes as any surprise anyone who's
watched this channel I'm an enormous
Singapore banking fan they have some of
the top banks in the world there are
three local banks
DBS ocbc and UOB they're all great Banks
if you were to pull up a list of the top
50 safest Banks they're all within the
top like 15 or something like that and
they're like quality institutions well
managed easy to deal with
Etc you can't always open accounts there
and so you know you have to kind of find
the right time and position yourself
right if you're from the EU it's
generally not so easy because they can't
sell investment products to you without
being licensed in the EU and as a result
they just don't want to take people on
so you may need another residency permit
in order to get there also a bunch of
these Banks don't like Americans I had a
conversation with one of our Swiss
Bankers who I'll get to in a second not
that long ago and I was saying hey you
know what is it that you guys don't
accept and they said well North Korea
Iran American these three at least are
not there and frankly U.S should
probably be humiliated they should feel
like you know why would they want to be
on the same list as Iran Afghanistan
North Korea Etc but that is unfortunate
only the environment they have created
there are some Swiss banks who will take
Americans but it's a little bit
different trying to get Banks as an
American than as being from somewhere
else so
one of the biggest hacks you can get is
to go and get a second residency in a
country that is more friendly countries
that tend to be more friendly are
Southeast Asian countries places like
Thailand places like UAE and places in
Latin America those kind of three I
would say are generally ones that banks
are less concerned with dealing with you
although in some cases it's helpful to
have say an EU residency for against
certain types of the banks that would be
in the portfolio so anyway the first
place that we would look at is Singapore
we definitely want to if you can get
accounts in Singapore do so the second
place is unsurprisingly I kind of
mentioned it before Switzerland so you
can kind of think that these are both
small well-run efficient organized
jurisdictions that care a lot about
their reputation as a financial center
they do a good job of managing it we saw
with the credit Swiss stuff that the
Swiss Central Bank come out and said
they were willing to provide liquidity
to support that the banking system this
is a really important part of what's
going on is not just is the bank itself
safe but what is the deal in terms of
the support that they will get from the
broader banking ecosystem in the central
bank if you have a strong central bank
who can print money then you have a lot
of Defense as we saw in the case of
Silicon Valley Bank you know the FED in
this case was FDIC but the FED has the
ability to come in and back local banks
and that gives a profound advantage over
something like a Cypress Bank where they
aren't able to do that because the
central bank is the European Central
Bank and they're reliant on a third
party debail them out which turned out
not to happen so very very useful to be
in those situations so
Swiss banking great quality we can get
most people into Swiss banking I would
say they tend to be pretty pretty
flexible there's a lot of Swiss banks
and so as I mentioned often if somebody
needs help the one thing about
Switzerland is in most cases you do need
a million dollar minimum when you're
talking about Singapore you're usually
talking about 200 ish thousand minimum
depends sometimes it can be lower
sometimes it's a bit higher but sort of
in that range to get an account there so
those are the first two just a quick
note on this subject of you know how
much of a portfolio do you need because
somebody might say well you know I live
in let's just say Canada for instance
you know you're telling my open account
in Singapore and Switzerland Michael how
many banks do I need and that's a fair
fair question what I would say is if you
have less than six figures I wouldn't
worry about anything uh like just keep
your local banks Etc if you were six
figures then I would say at least have
two in other words have your home
country and have at least one other
country now you can have more than that
but realistically the more wealth you
have the more it pays off to spread
money around so definitely going with an
option where you have at least two
countries I'm not talking about two
Banks but two countries is wise usually
when I'm talking about business banking
I tell people to have at least two bank
account two banks that they're dealing
with regardless even if they're in the
same country because if you have issues
with one at least you have a backup it
doesn't interfere with your ability to
invoice to pay things Etc so very very
important in that regard
if you have seven figures then I would
say it pays to have you know three or
four jurisdictions that you're dealing
with it's you know you can divide your
money around fairly easily without too
much risk and without too much hassle
and you're starting to come to the point
where it's enough money that you can
justify this obviously you know there's
a big difference between a million and
nine million they're all seven figures
and so you know as you grow you would
choose accordingly so very important to
keep that one in mind
another thing and you know if you get to
eight figures I mean you should probably
have five uh five plus so that's kind of
the way that I would conceptualize it in
this case now a quick note because I did
mention how you needed to have a million
in most Swiss banks 200 000 Plus in most
Singapore Banks Etc
it's worth noting that that doesn't have
to be cash sitting there you can invest
that money so you'd invest it in stocks
bonds precious metals
Etc in fact they don't really want you
to hold it in cash because they make
fees off of you investing so that's
their whole business model you should be
prepared to do that okay let's move on
to the next one the next one might seem
controversial to some people because
there is a certain cohort of people who
view the US Dollars going down the US is
collapsing et cetera that will certainly
happen at some point in time but we're
not that close to this happening it's
actually the process of Shifting over to
some alternative requires enormous
amounts of liquidity and there just
isn't a good alternative at this stage
so if you wanted to move away from the
US dollar the question is simply what
would you move to
might say oh well we would use something
gold-backed well that doesn't exist yet
and so that's going to be a challenge
we wouldn't move to bitcoin because
there just isn't the market cap to
absorb the liquidity it's a serious
problem so you know maybe in 10 20 30
years or something possible but
certainly not in the next five years
you probably wouldn't move to the euro
because it seems less stable than the
dollar and has typically all the risks
that the dollar has so unlikely to have
that one go Chinese one are you going to
trust the Chinese probably not and all
the other currencies are too small so
basically at this point in time we have
no alternative to the dollar and so the
dollar is going to persist for quite a
while and so this brings us to the US
okay so the U.S would be the third
jurisdiction that I would say it is wise
to open banking in there's some special
things about the us because the U.S
tends to push anti-money laundering
rules on the rest of the world but
doesn't necessarily look at them so much
themselves and as a result actually some
of the easiest banking that I have
experienced has been us-based banking so
definitely worth getting set up with
some U.S bank accounts typically you can
there are options in the U.S that you
can open with like a thousand dollar
minimum deposit there's obviously more
sophisticated things like you've got a
Morgan Stanley and put in a million
dollars or whatever but there's a lot of
options in the US and so it's a
relatively accessible one and one that I
would say should be added into the
portfolio and you'll just notice as
we're looking at this kind of ultimate
Offshore Banking portfolio what do we
got we've got someplace in Asia now
someplace in Europe someplace in North
America and these are all pretty stable
jurisdictions right it's pretty
functional you'll notice that any one of
them is fairly resilient we're not
talking about going to Belize where it's
you know super unstable we're not going
to Argentina which is defaulted on its
national debt diversification can often
be diversification so we want to go to
places that the banking is high quality
but diverse and we want it to be exposed
we want to be non-correlated so exposed
to a different set of risks than we
would get locally and so the way that
they think in some place like Singapore
is fairly different than the way they
think in Switzerland which is fairly
different than the way they think in the
U.S and so you're somewhat covered in
that regard which is really positive so
this brings us to our fourth place our
fourth place that I'm going to mention
is one that not a lot of people think
about but it is a place where you can
get Offshore Banking actually with
relatively small deposits although in my
experience you have to actually go there
in person and this is South Korea so
South Korea is not a place that people
think of oh wow you know what a great
banking jurisdiction but actually if you
go down the list of safest banks in the
world you're going to find a bunch of
them are South Korean Banks and so it's
one that you should definitely consider
as an alternative again our objective
here is to be non-correlated so the
question is in some sort of a
geopolitical turmoil who's going to side
with what what risks are you going to be
exposed to and you know it's a different
hemisphere there's different it's just a
different mindset a different set of
financial implications and geopolitical
economic influences on the country so
South Korea would be our number fourth
option by the way they're not in any
particular order the idea is that you
know you pick and diversify across them
accordingly
the fifth one that we're going to talk
about is UAE UAE typically you need to
get a residency permit in order to get a
bank account but if you get a residency
permit which is pretty easy in and of
itself and can give you you can have a
nice backup if you get like a golden
Visa or something it's easy to maintain
it's not a bad idea just as a backup
plan in general but it is really easy to
have Banking and you can have banking
with relatively minimal deposits if you
want you can also do private banking
which typically requires around a
million
US Dollars again depends on the bank if
we're looking at UAE I mean really
you're looking at the four top Banks
which are first Abu Dhabi Bank Abu Dhabi
Commercial Bank Emirates NDB and Abu
Dhabi Islamic Bank those four would be
typically your preferences
some people might ask what about HSBC
Your Standard Chartered or you know
Citibank et cetera which all have
presences in Dubai or in UAE but the
reality is those are foreign Banks so
you know they might be perfectly
reasonable Banks but when I'm trying to
get exposure to the different set of
risk parameters I want kind of local
exposure which means those four would be
the top the top rated safety wise is
first ww Bank followed by Abu Dhabi
Islamic Nursery Abu Dhabi Commercial
Bank but the reality is they're
generally high quality institutions
across the board so those are kind of
the next uh the next ones to look at
this brings us to maybe like a more
difficult situation to discuss which is
well if you pick one more where do you
go you know we've got uh something in
the Middle East we've got something in
East Asia Southeast Asia
Europe the us a lot of countries you
can't actually get banking as a
foreigner and so because of this there's
some limitations in that regard
the last one that I would throw in I
think is you can you can debate a few
different jurisdictions but the one that
I'm going to say is Jersey which is a
Channel Island it's sort of the offshore
part of UK and so it has pretty good
exposure to UK which is kind of what
you're trying to get in this case I mean
the British pound is still one of the
top currencies in the world you may be
in a position where you want to access
the financial markets in London and you
know that's still one of the biggest
Financial Centers in the world it's a
place where expats can absolutely get
bank accounts they will give you
mortgages if you're wanting to buy in UK
so that's fairly attractive and
generally speaking they have fairly high
quality of banking in institutions like
Standard Chartered now a couple others
that you may want to consider as an
alternative to that and I mean may want
to consider in general would be places
such as Liechtenstein sort of an
alternative to Switzerland I would say
in general I'm a little more concerned
about Liechtenstein than Switzerland
because they're just not as significant
geopolitically so they don't have kind
of the same Hest but anyway what do you
do
uh Luxembourg would be another
alternative typically harder I find to
do banking in Luxembourg but there are
some options there and the other one
would be Andorra I actually had dinner
with one of our Bankers from Andorra the
other night and we were kind of
discussing it was an interesting thing
because they specialize a lot in dealing
with people from some countries where
it's more difficult so typically CIS
countries so this is Ukraine Russia Etc
and so they're able to onboard people
who maybe wouldn't be able to onboard
into a bank in you know for instance uh
Jersey right again depends person to
person and profile and all this sort of
thing but those were ones that I think I
would consider if you're in a situation
where you're like okay well maybe I
can't get these or maybe I want
something else I want something a little
different to give some idea in Andorra
you're typically looking at about half a
million as a minimum deposit typically
something similar in various
Liechtenstein Banks
Etc if you're looking at Jersey I was
mentioning you're typically looking at
100 000 minimum they're a bit more
selective about who they'll take they'll
often not take people from some of these
places and so yeah that would be in my
opinion sort of the ultimate passport
Port ultimate Offshore Banking portfolio
you certainly could say okay well what
about Latin America just generally
speaking if you go to Latin American
Banks even the best ones the best ones
are arguably in Chile uh some people
like Uruguay which you know I would say
okay but they're just not at the same
caliber as some of these others and
because they're not at the same caliber
you're sort of doing that
diversification by having
diversification African banks are
typically a non-starter yeah they're
Standard Bank or something like that
but in general I don't want to expose
myself to something like South Africa
directly that sounds like a terrible
idea and so that's off you could look at
other parts of Southeast Asia Thailand
and Indonesia Malaysia et cetera just
not as solid as Singapore so again it's
diversification rather than just
diversification as a foreigner you're
typically not able to Bank in places
like Canada Australia New Zealand Etc so
those are off Germany Etc similar unless
you're an EU citizen in which case you
know maybe you would consider that and
then as I said these Island banks are
just typically not at the same caliber
as the others so those would be the six
or so suggested Banks as you grow your
wealth you would choose to separate
between you know an increasing number of
them and have some exposure as I said a
lot of them you can get in with a
relatively small Mount so you know with
a few million dollars you could have
exposure to all of them with no problems
at all and so those would be the the
suggestions if you guys have questions
about it or would help like help please
reach out to us put the comments below
and if you think I missed something put
it there I would love to hear it and I
look forward to seeing you on the next
video
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